Economy
House of Reps. initiates probe of NNPC operations—-summons agency, oil companies

Eyewitness reporter
The House of Representatives Committees on Petroleum Upstream has given the Nigerian National Petroleum Corporation, (NNPC) two weeks ultimatum to appear and explain alleged irregularities in the corporation.
The Chairman of the committee, Rep. Sarki Ada (APC-Sokoto) issued the ultimatum at a public hearing on Thursday, following the refusal of NNPC to honour invitations or reply letters.
“We have invited some oil companies; namely the NNPC, Addax Petroleum Company Ltd and Santex Nig Ltd, to appear before us and they have failed to do that.
“We are giving them two weeks from today. We will reschedule this meeting for two weeks calendar days, to appear before this committee and continue our business.
“Unless if they want us to invite President Buhari to appear before us as the Minister of Petroleum, if they do not come, we will not hesitate.
“Buhari is a minister, he appointed himself and approved by the parliament and he is doing his job; we will invite him, and I know as the law-abiding President, he will come.
“When he comes, Nigeria should know that it is because of the failure of the NNPC to appear that made him come and appear before us,” he said.
Ada said that the committee had asked for relevant documents to investigate the activities of the NNPC, and the corporation had refused to oblige the committee.
“We have written three letters to them at an interval of three months each requesting for their budget, budget performance and list of assets they are holding and managing on behalf of Nigerians.
“We asked for a list of their liabilities, what are the contracts they are executing, who are the contractors, who are the companies and what is the progress made.
“We have asked for details of how much they generate from the sales of crude oil production, how much do they manage on behalf of Nigeria through other joint ventures, until today, there is no response.
“Time has come that we must speak, this country belongs to all of us, we are here as statutory Nigerians,” he said.
The Minister of State for Petroleum, Mr Timipre Sylva, promised to deliver the message of the committee to the NNPC.
Economy
Ojulari, new NNPCL MD, hits the ground running, assembles new management team as he takes over from Kyari

Funso OLOJO
The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has assembled new management team that will drive the vision of President Bola Ahmed Tinubu in the petroleum sector shortly after he took over the mantle of leadership from his predecessor, Mr Mele Kyari.
It could be recalled that the appointment of the erswhile NNPCL boss, Kyari was terminated and Ojulari was appointed in his stead with immediate effect.
However, in a brief handover ceremony held at the NNPC Towers, Ojulari commended Kyari for his contributions to the growth of NNPC Ltd and his sterling service to the nation.
He disclosed that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.
He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the Management and staff of the company, as well as the counsel of his predecessor to achieve set targets.
“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.
Earlier in his remarks, Kyari congratulated Ojulari and thanked the Management and staff of the company for their support while in office.
He pledged to do everything within his power to support the new Management to succeed, stressing that he was only a call away.
Soon after the official handing over ceremony, the new new NNPCL, Mr Ojulari announced the appointment of a new 8-man Senior Management Team .
The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Roland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dagazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer.
All appointments are with immediate effect.
Economy
Tinubu sacks Kyari, NNPCL GMD, appoints Ojulari as new CEO, reconstitutes board

Funso OLOJO
Bayo Bashir Ojulari new NNPC GCEO,
Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
Economy
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